Bitcoin Long -term holders (Lths) have already realized more profits in this cycle than in all except a previous cycle (2016 to 2017)According to data from On-Chain Analytics Platform Glassnode.
This emphasizes increased pressure on the sales page and suggests when combined with other signals that the market has entered the late phase of the cycle “.
Since the beginning of 2024, LTHS (defined as investors who have held bitcoin for at least 155 days) has realized 3.27 million BTC in profits. This number has now surpassed the bull earlier in 2021 (just over 3 million btc) and is far ahead of the 2013 cycle. However, it still traces Bull Run 2017 when realized profits reached 3.93 million BTC.
For context, Bitcoin’s average price was about $ 1,000 in 2015 compared to today’s levels, which is approx. 100 times higher. This emphasizes that the market has absorbed a significantly greater dollar value of realized profits. The sales page has been huge with ongoing capital rotation, including from long -heating “and” coins.
The recent market activity illustrates this dynamic: approx. 80,000 BTC was built for sale at Galaxy, while another 26,000 BTC recently became active.
In total, about 100,000 BTC has come up for sale and the market has seen a small correction showing how the fluid market has become. Exchange -traded funds (ETFS) has played a role in facilitating this rotation, while trading quantities are also expanded widely across the market.
